• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA Books

Books for Sept'23 ACCA exams : Get your discount code >>

New! Ask ACCA AI Tutor

Post your questions
& get instant answers

Valid Consideration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Valid Consideration

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 27, 2023 at 11:49 am #689007
    whydoyoucare
    Participant
    • Topics: 45
    • Replies: 38
    • ☆☆

    Which of the following CANNOT constitute valid consideration for the purposes of forming a legally binding contract with the offeror?
    A Acknowledgment of past payment
    B A promise to assist in an illegal act
    C A promise to pay the offeror in the future
    D A promise to complete a pre-existing duty owed to a third party

    The answer is B Ofc. But how is A a valid consideration. Can you explain with an example?

    July 27, 2023 at 8:12 pm #689036
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23001
    • ☆☆☆☆☆

    “Can you explain with an example?”

    Very simply, no! I’m not even sure what an “Acknowledgment of past payment” is!

    I have, in my mind, the possibility of the resurrection of a statute-barred debt. Where a debt has existed for in excess of 6 years (simple contract – 12 years for specialty contract) and the debtor writes to the creditor and says something like “Aha! I owed you money 6 years and 2 months ago and you have failed to collect it. So now it’s statute barred. Ha ha ha”

    I’m wondering if that’s the situation that we’re looking at here. Because such a message will resurrect the debt even though it has existed for greater than six years.

    Otherwise, I don’t recognise the expression.

    Sorry

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA Qualification syllabus changes for 2023/24

Need verifiable CPD for 2023? 21 units of FREE CPD on offer from ACCA

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

PQ Magazine

Latest comments

  • nghja2012 on Inventory – Examples – ACCA Financial Reporting (FR)
  • kelems on Basic group structures – SPLOCI introduction and example – ACCA (SBR) lectures
  • jcosgrove16 on Double Entry Bookkeeping (part a) – ACCA Financial Accounting (FA) lectures
  • ayeodele on The management of receivables – Change of policy – ACCA Financial Management (FM)
  • Akhil004 on Discounted cash flow techniques (part 2) – ACCA (AFM) lectures

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in